Rare 1776 Continental Dollar Coin Set to Go to Auction

The continental dollar was the first pattern coin struck for the United States. Believed to be designed by Benjamin Franklin, the continental dollar concepts were translated into coins by Elisha Gallaudet, a New York engraver.

A rare 1776 continental dollar coin is set to go to auction next month, and it could fetch a lot of money.

The coin was recently discovered in a collection of 18th and 19th-century items that were brought in to be sold at Wotton Auction Rooms in Gloucestershire, England.

Auctioneers were initially surprised to find the coin in the collection, as it was covered in toffee and appeared to be dull and boring. However, upon closer inspection, they realized that the coin might be something special.

"It was one of the last objects to be examined. Once work started, we thought that the chances were that it could well be a copy, although everything else within the tin had been genuine and of a very good standard," the auction house said in an email to CBS News.

The coin was sent to the NGC numismatic guarantee company for authentication, and the results confirmed the coin's authenticity.

The continental dollar was the first pattern coin struck for the United States. Believed to be designed by Benjamin Franklin, the continental dollar concepts were translated into coins by Elisha Gallaudet, a New York engraver.

Gallaudet was thought to have made them at a makeshift private mint in New Jersey, the Smithsonian Museum said, and the coins were issued in silver and pewter.

The silver versions of the coins are extremely rare and only two are known to exist, according to the Professional Coin Grading Service, a rare coin grading company. About 20 pewter continental dollars exist in mint condition, said PCGS.

In 2008, a pewter continental dollar was auctioned for the record price of $264,500. In 2015, a silver continental dollar was auctioned off for a record $1,527,500.

The recently discovered coin is set to be auctioned on October 3, said the auction house, and is estimated to go for £20,000 (about $26,360) to £30,000 (about $39,540).

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